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The balance of international payments is also strongly influenced by trade in transport equipment.
Enormous changes have taken place in the transport sector in recent years. The most marked is its unprecedented growth. Both stock variables (fleet size, kilometres of road and rail infrastructure, and so on) and flow variables (number of trips taken, volume of goods transported, and the like) have expanded rapidly. The world's automobile fleet, for example, doubled between 1970 and 1990, to stand today at approximately 500 million vehicles. These numbers are expected to double over the next 20-40 years, although at a slower rate in OECD countries than in the past...
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